Gallatin Trusts Lawyer

A quaint city in the heart of Sumner County, Tennessee, Gallatin boasts a thriving economy and growing population. From individuals living on Old Hickory Lake, to those who own businesses along GreenLea Boulevard, establishing a comprehensive estate plan is a necessity and one of the ways to do this is by creating a trust. Trusts aren’t just for the wealthy, they can benefit almost anybody and a Gallatin trusts lawyer can guide you through the legal process.

At Phillips | Ralston, we have been helping folks in Gallatin create lasting estate plans since 1977. An estate plan, often made up of wills and trusts, along with several other legal documents, is vital to the security of your family’s future and legacy for generations to come. No matter your age, health, or wealth status, putting into place a legal trust is a wise decision and can ensure that your loved ones are provided for and taken care of before and after your passing.

Common Trusts Available in Gallatin, Tennessee

In Gallatin, Tennessee, where 16.7% of the population is aged 65 or older, having an estate plan is vital. One of the tools used in an estate plan is that of a trust, or a legal entity which is created in order to hold and transfer property and assets under the management of a trusted individual, also known as a trustee. The grantor, or the person who creates the trust and appoints the trustee, places into the trust certain assets and properties to be distributed before or after their death.

Trusts in Gallatin work to provide certain benefits to both the grantor and the individuals who are benefiting from the items placed inside and managed by the trust. A trust can shield your assets from certain tax liabilities and even probate court, allowing your loved ones to keep more of your hard-earned legacy after they are passed down. An individual may act as both the grantor and the trustee in certain situations, and name a trustee to act once the grantor has passed.

There are many different kinds of trusts that can be established in Gallatin. Depending on your life circumstances, the team at Phillips | Ralston can help you create the following kinds of trusts:

• Revocable trust. If you are the grantor, or the individual who has set up a revocable trust, you have the ability to maintain your control over any assets which are held in the trust during your lifetime. You may also revise or terminate the trust at any time should you choose to do so. A living trust is the most popular form of revocable trusts and can serve several purposes, depending on your life circumstances.
• Irrevocable trusts. These trusts do not allow you to have control after your assets once they have been placed inside the trust. You are also not allowed to revise the trust without the consent of your beneficiaries. The main benefit of an irrevocable trust is that any of the assets or properties held within the trust may not be subjected to certain federal estate tax.
• Credit shelter trusts. These trusts, also known as a family trust or a bypass trust, are typically contained within a will or within a separate revocable trust and allow for the full use of your federal state tax exemption. The assets which are held in this kind of trust are not subject to any estate tax that may arise in the future, no matter how your assets grow.
• Generation-skipping trust. This trust, also known as a dynasty trust, allows the grantor to transfer a large amount of tax-free funds into the trust to be used by family members who are at least two generations younger than they are. This is a great tool when looking for ways to provide a legacy for your grandchildren.
• Special needs trust. If an individual in your family deals with certain special needs, you can establish this kind of trust to ensure that your family member is cared for and financially supported both now and in the future for many years to come.
• Irrevocable life insurance trust. This kind of Tennessee trust establishes a mechanism in order to hold and/or distribute proceeds from the grantor’s life insurance policy to certain named beneficiaries.
• Qualified personal residence trusts. This kind of trust, also known as a QPRT, prevents the value of the grantor’s home–either a primary residence, or a vacation home–from being added to their overall estate. This can help you stay under certain federal estate tax thresholds.
• Qualified terminable interest property trusts. This trust, also known as a QTIP, seeks to assist grantors who are in a second marriage to provide for the needs of a second spouse while still working to preserve their legacy for children and grandchildren from a previous marriage or relationship.

At Phillips | Ralston, we can review the circumstances of your situation and help you determine which trust, or combination of trusts, is right for you and can work to protect your legacy and loved ones for generations. 67% of adults in the United States claim they have no estate plan in place. Don’t be a part of this statistic, rather, protect your legacy as soon as possible.

Benefits of a Gallatin Trust

Establishing a trust comes with a long list of benefits. These benefits can include the saving of both time and cost, as a trust will not need to process through probate after your death, you can maintain control over your assets and their distribution, and a trust allows you more privacy, as it will stay out of probate court and is not a public document.

Speak with a Skilled Gallatin Trusts Lawyer Today

If you think a trust might be right for you, it is important that you seek legal support. At Phillips | Ralston, we are here to guide you through all your legal options and work to protect the things you have worked so hard to obtain. Creating a trust is creating certainty for your future. Contact our offices today to schedule an initial consultation with our team.